What Does Statute Mean?

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What does Statute mean? Read on to discover the definition & meaning of the term Statute - to help you better understand the language used in insurance policies.

Statute

Statute

A statute is a declarative policy or law that has been passed by a legislative authority. Statutes proscribe, declare, prohibit, or command something specific in writing. There are many statutes governing the insurance industry to ensure a fair market and protect consumers.

We hope the you have a better understanding of the meaning of Statute.

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